Unlike Facebook, Snap stock is surging. Here’s what’s happening
The Snapchat maker’s stock is up nearly 50% in pre-market trading after its parent company reported its first quarterly net profit.
After Facebook reported dismal Q4 financials earlier this week, many on the street didn’t have high hopes for Snap. That’s because Snapchat, like Facebook, relies on ad revenue to fund its coffers. Facebook saw a massive impact on its ad revenue, in part due to Apple’s iOS changes, which led to its stock getting obliterated yesterday. Competition from TikTok was also a factor.